Xiaomi is targeting $1 billion Profit in 2015

Xiaomi Corp.’s revenue from Internet services will more than triple this year to nearly $1 billion, the Chinese smartphone maker’s chairman predicted.

In an interview on Friday, Lei Jun said the Chinese smartphone maker wants to make Internet services such as smartphone games and mobile finance an increasing part of its business. If Xiaomi hits the $1 billion target, such services would account for about 6% of Xiaomi’s previously projected 2015 revenue of $16 billion.

Lei cited Chinese companies like e-commerce giant Alibaba Group Holding Ltd. (BABA) and games-and-chat Internet conglomerate Tencent Holdings Ltd. as indicators of Xiaomi’s ambitions. “The ways that Tencent and Alibaba make money today are the ways that Xiaomi will make money in the future,” he said in New Delhi, following the launch of a phone aimed at Indian consumers.